Austerity on the homefront in Greece

Dec. 3 - Greek pensioner George Vagelakos, already struggling from austerity, will now see his income shrink even more as of the new year. Deborah Lutterbeck reports.

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George Vagelakos was just able to make ends meet on a pension of 650 euros -- or about 850 US dollars a month. Then the economic crisis hit Greece.
Now the 75-year-old faces hefty new taxes. He is helping support his recently unemployed son's family. And now, as Christmas approaches, he won't be able to buy anything for his grandchildren.
They have cut back on everything.
(SOUNDBITE) (Greek) PENSIONER GEORGE VAGELAKOS, 75, SAYING:
"Not clothes, not anything. We are really suffering. The shortage of food is destroying us. We have cut down on everything by at least 50 percent at least
His wife Anna remembers happier times
(SOUNDBITE) (Greek) HOMEMAKER ANNA VAGELAKOU, CRYING AND SAYING:
"When we had savings, we helped them out, especially our grandchildren. But now we can't anymore, what can we do?"
With more cuts on the way, hard times are expected to just get tougher, in a country where austerity is becoming a way of life.